Based on 153 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NRIM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (95% of max)
95% of all-time peak
153 hedge funds hold NRIM right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NRIM is almost the same as a year ago (+3 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 55% buying
80 buying66 selling
Last quarter: 80 funds bought or added vs 66 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Fewer new buyers each quarter (-12 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 15 → 22 → 32 → 20. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 29% medium
■ 21% new
76 out of 153 hedge funds have held NRIM for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Value +23% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +23%, but actual share count only changed +1%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
26 → 15 → 22 → 32 → 20 new funds/Q
New funds entering each quarter: 15 → 22 → 32 → 20. A growing number of institutions are discovering NRIM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 52% veterans vs 28% newcomers
■ 52% veterans
■ 20% 1-2yr
■ 28% new
Entry-cohort mix of 153 holders: 79 (52%) are 2+ year veterans, 31 entered 1–2 years ago, and 43 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 64% AUM from top-100 funds
64% from top-100 AUM funds
43 of 153 holders are among the 100 largest funds by AUM, controlling 64% of total institutional value in NRIM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.